Exane trims estimates on Europe's real estate but less than others

Aedifica NV

16/04/2025 10:07

** Exane BNP Paribas cuts its estimates across European real estate companies, pointing to modest risks to earnings and property values

** Still, the broker says the cut is less severe than in other corporate sectors

** Though the impact of tariffs on the sector is limited, trade policy uncertainty and lower economic growth are likely to result in reduced tenant demand, the broker says

** It shifts to a preference for Britain vs continental Europe given leverage is lower, tariff risks are higher in Europe and relative value is attractive

** The broker upgrades five stocks in its coverage that "look oversold" while it downgrades Spain's Colonial COL.MC to "neutral" from "outperform"

COMPANY
RATING
OLD RATING
PT
Aedifica AOO.BR
neutral
underperform
60.0
Aroundtown AT1.DE
underperform
underperform
2.1
Big Yellow Group BYG.L
neutral
underperform
9.8
Colonial COL.MC
neutral
outperform
5.7
Covivio CVO.PA
neutral
neutral
52.0

 (Reporting by Javi West Larrañaga)

 ((javier.west@thomsonreuters.com; +48 58 769 65 76))